Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Pasco staff propose $6.5 million internal loan to recapitalize self-insured health plan
Summary
City Manager Harold Stewart told the Pasco City Council workshop that the city's self-funded medical plan reserves have been depleted and staff is recommending a 10-year, $6.5 million internal loan to recapitalize the fund.
City Manager Harold Stewart told the Pasco City Council workshop that the city's self-funded medical plan reserves have been depleted and staff is recommending a 10-year, $6.5 million internal loan to recapitalize the fund.
Stewart said the shortfall resulted from a combination of factors: a post-COVID rebound in medical utilization, medical and pharmacy inflation, a bankruptcy and replacement of the city's third-party administrator that disrupted claims processing, and a backlog that forced the plan to pay prior-year and current claims in the same period. "The combination of the cyber…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
